About 850,000 older Singaporeans to get up to S$300 in February as part of Assurance Package bonus

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SINGAPORE: Around 850,000 lower-income senior Singaporeans will receive S$200 (US$146) to S$300 in February as part of the Assurance Package Seniors’ Bonus, the Ministry of Finance (MOF) said on Wednesday (Jan 15). 

About 2 million Singaporeans will also receive a MediSave top-up of S$150 next month, it said in a press release.

Under the Assurance Package, eligible Singaporean seniors will receive S$600 to S$900 over three years. All Singaporeans aged 20 years and below, and 55 years and above, will also receive MediSave top-ups totalling S$450 over three years. 

The benefits were first announced in Budget 2022 and disbursements have been made annually since 2023.

A S$1.9 billion enhancement to the Assurance Package, which included extra cash payouts for lower-income Singapore seniors, was announced during the Budget last year.

ELIGIBILITY CRITERIA 

The payout under the Assurance Package Seniors’ Bonus will be given to seniors, aged 55 and above, who are residing in Singapore and do not own more than one property, said MOF. 

They must also be living in properties with an annual value of up to S$31,000 and have an assessable income not exceeding S$34,000.

Seniors, aged 55 to 64, whose property has an annual value of up to S$21,000 will receive S$250 in February. Those aged 65 and above will receive S$300. 

Seniors whose property has an annual value greater than S$21,000 and up to S$31,000 will receive S$200.

Eligible seniors could receive their cash payouts as early as Feb 5, depending on their mode of receiving payment, said the finance ministry. 

Recipients who have linked their PayNow to their NRIC can receive the payouts from Feb 5. Their NRIC must be tied to bank accounts under any of these banks: 

  • Bank of China
  • CIMB
  • Citibank
  • DBS Bank/POSB
  • GXS Bank
  • HSBC Bank,
  • ICBC
  • MariBank
  • Maybank
  • OCBC Bank
  • RHB Bank
  • Standard Chartered Bank
  • State Bank of India
  • Trust Bank 
  • UOB Bank

Those who are using GIRO or GovCash to get the payout will receive it from Feb 13 and Feb 21 respectively. 

As for the MediSave top-up, Singaporeans aged...

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